USDJPY is mainly influenced by the price index for corporate goods in Japan which surprisingly fell. The pair is finding support at 108.870 with resistance at 109.170 which both lines are above the weekly pivot point at 108.400. It seems that the price is climbing up the ascendant channel and as EMA of 10 is above the EMA of 50 it confirms the recent price growth. The RSI is above the 50 level and the MACD indicator is in positive territory showing the price rally upward. Moreover the Stochastic is signaling upward trend as well. The pair is moving with bullish bias therefore long positions are recommended with the target at 109.80.
Technical analysis of USDJPY dated 17.05.2016
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